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A Year On!

How has the property market fared since covid-19 first landed?

Victoria Day – Ray White Pukekohe

by Victoria Day, Ray White Pukekohe

As we recently marked a year since the first Covid-19 case was reported in New Zealand, latest figures from realestate.co.nz suggest that despite the many challenges of the pandemic, Kiwis’ appetite for property hasn’t diminished. Resilient housing market shows 12.7% year-on-year price growth.

The housing market has performed in a way that few people would have expected 12 months ago. Economists were predicting a 5 – 10% drop in house prices, but what we’ve actually seen is quite the opposite. Data from realestate. co.nz shows that average asking prices were up 12.7% year-on-year in February.

Despite the social and economic impacts of Covid-19, the property market has stayed remarkably resilient. We’ve seen steady price increases in every region over the last 12 months. Nationally, the average asking price last month was $796,789 – costing on average $89,575 more than the same time last year. Inventory remains low in almost every region with total stock down 24.2% nationally year-on-year which continues to be the challenge. Only Gisborne and Otago avoided recording year-on-year stock decreases in February. Even the Coromandel reached an all-time stock low, with just 201 homes available for purchase – down 54.2% on February 2020.

A number of factors have been at play over the last 12 months including low mortgage rates, a lack of international travel, removal of LVR restrictions and the number of Kiwis returning home from overseas. Low stock levels continue to add to price pressures, with national inventory down 24.2% year-onyear in February.

Buyers who have been missing out on homes are all too aware of the lack of supply, and we’ll all be watching to see if the next few months bring any relief for those looking to purchase. For the time being, demand appears to remain strong so if you are thinking you want to know what your home is worth in the current market then give Victoria a call.

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elocal Digital Edition – April 2021 (#241)

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